Community Driven Content in Web3: Hype or the Next Big Trend?
One of the big selling points of the Web3/Crypto movement is that of decentralization. This can mean different things to different people, with some focusing on the security benefits of avoiding threats from within, others focusing on the trustless aspects that allow strangers to work together from across the world, and others focused on the benefits of a DAO that gives collective direction to the platform’s future. However, there is one other selling point that can be overlooked in Web3: Community Driven Content.
The traditional role a platform takes is to create a product or service that appeals to the user community, and that is sold to these customers. This means that a small group of people are creating things for a large group of customers. Social media platforms have turned this on its head when it comes to the product of consumable content. Youtube, TikTok, and others do not make anything themselves. Instead, they provide the platform so that anyone can create content, and then if their content is popular enough, they can monetize it.
Web3 has taken lessons from all these influences and has begun to evolve the idea of community-driven content. How different is this from Web2 social media? Is there a risk of over saturating this market when anyone can participate? And what are some of the possible ways that community driven content can uniquely evolve using the benefits of Web3? Let’s dive into each of these questions.
First, let’s look at how Web3 has evolved its community driven content up to this point. There are new platforms launching every day, but in general there have been several large trends that classify as “community driven.” First, the marketplace. This is a very broadly scoped platform
